Dynamic Voltage Restorer (DVR) Market Size, Share, Growth, and Industry Analysis, By Type (Low Voltage Level, Medium Voltage Level), By Application (DVR Comprises of Utilities, Automotive Manufacturing, Chemical Plants, Steel Plants, Process Industries, Mining Industry, Electronics, Others), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

REPORT OVERVIEW

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The global dynamic voltage restorer (DVR) market size was USD 54 million in 2022. As per our research, the dynamic voltage restorer (DVR) market is expected to reach USD 72 million by 2028, exhibiting a CAGR of 4.9% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, dynamic voltage restorer (DVR) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

A dynamic voltage restorer (DVR) constitutes a high-tech device that regulates and restores the voltage to their nominal levels during voltage sags, surges, or interruptions. It responds quickly and precisely to voltage fluctuations, ensuring a constant and dependable power supply to fragile machinery and loads. The DVR system is intended to correct for voltage changes, reduce downtime, and protect vital equipment from damage triggered by power quality concerns.

The requirement for voltage stability, rising urbanization and industrialization, and the use of sources of clean energy are driving the growing voltage restorer industry.  In developing economies, the market provides considerable prospects for technology improvements and market expansion. Government laws, grid modernization programs, and developments in electricity quality standards all have an impact on market dynamics.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

The COVID-19 outbreak had an uneven influence on the market for dynamic voltage restorers. While the pandemic caused supply chain interruptions and project delays in the early stages, the ensuing recovery saw rising expenditures in power infrastructure, especially for renewable energy projects. The outbreak has underlined the necessity of dependable electrical power and the requirement for voltage stability alternatives, fueling interest in dynamic voltage restorer (DVR) within a variety of industries.

LATEST TRENDS

"Partnerships with Authorities to Stimulate Market Development  "

With the goal of making less expensive and efficient dynamic voltage restorer (DVR), manufacturers are working on cost reduction and product innovation. Market participants should spend in studies and research to create enhanced algorithms for control and sophisticated voltage restoration systems. Partnerships with authorities and power distribution firms may assist to ensure that dynamic voltage restorers are seamlessly integrated into the current grid architecture. End-user instruction and knowledge about the positive effects from dynamic voltage restorer systems are critical for market growth.

SEGMENTATION

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• By Type

Based on type; the market is divided into low voltage level, medium voltage level

Low voltage level is the leading part of the type segment.

• By Application

Based on the application; the market is divided into DVR comprises of utilities, automotive manufacturing, chemical plants, steel plants, process industries, mining industry, electronics, others

DVR comprises of utilities is the leading part of the application segment.

DRIVING FACTORS

"Growing Utilization of Electricity to Aid Market Expansion "

Since industrial and electrical equipment are extremely sensitive to even little voltage changes, dynamic voltage restorers must be used to address short-term voltage sags. As a result, the growing use of electricity for electronics and commercial electronics is fuelling the global dynamic voltage restorer (DVR) market growth. Furthermore, the thriving growth of the semiconductor sector is offering a great push to the market's growth. Another aspect driving their wider acceptance is the low cost of maintenance connected with these devices.

"Expansion in Renewable Energy Infrastructure to Foster Industry Progress "

As renewable energy infrastructure expands, DVR systems will have more chances to control voltage swings produced by intermittent energy production. Electrical power and control technology advancements open the door to the creation of more effective and inexpensive dynamic voltage restorer systems. Voltage stability solutions are in high demand in nations that are developing with expanding industrial sectors.

RESTRAINING FACTORS

"Maintenance Expenses of the Machinery to Limit the Market Evolution  "

Dynamic voltage restorer (DVR) have high installation and maintenance expenses. The technical challenges of combining DVR systems with current electricity distribution networks. Some locations have a low level of knowledge and comprehension of DVR technology that pose blockage in the expansion of the market. Additionally, during grid outages, it is difficult to synchronize power restorers with the power system.

REGIONAL INSIGHTS

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"Rising Industrialization in Asia Pacific to Support Market Advancement "

In regards to demand, adoption, and market size, the dynamic voltage restorer (DVR) market share varies by region. The Asia Pacific region dominates the dynamic voltage restorer (DVR) market, owing to considerable industrialization, urbanization, and infrastructure development. Due to the presence of existing companies and an emphasis on renewable energy integration, the region also maintain a large market share. Because of strong industrial growth and increased investments in power infrastructure, developing regions including China, Japan, India, and South Korea present lucrative potential for market players.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• ABB Ltd. (India)
• S&C Electric Company (U.S.)
• American Superconductor Corporation (U.S.)
• Hykon Power Electronics Private (India)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.